David Cameron is due to defend himself and unveil new criminal penalties in Parliament in the wake of damaging revelations from the Panama Papers tax scandal.

Cameron tax havens

Cameron defending on tax scandal

Cameron will answer criticisms by insisting that he has never profited from tax evasion, and will say that his government has done a lot to tackle corruption.

New criminal penalties on tax

New criminal penalties unveiled

The proposed legislation, expected to become law later this year, hold companies criminally liable if they fail to stop their employees or contractors from facilitating tax evasion.

Cameron on the legislation

Panama tax scandal UK

Panama Papers UK repercussions

The Panama Papers tax scandal has brought about pressures not only on Cameron but also on other leading UK politicians to make their tax affairs more transparent.

Cameron tax havens

Criticisms against Cameron

Labour is still demanding answers over Cameron's tax affairs after he published data on his 2009-15 tax and earnings including a £200,000 gift from his mother.

Cameron tax havens

Cameron on Blairmore profit

He will insist that his father’s offshore fund, Blairmore Holdings, that profited Cameron £31,500, was not set up to avoid tax.

Cameron tax havens

Government on tackling corruption

Cameron had already been pushing for greater tax transparency his government is to set up a new task force to investigate allegations on tax-dodging and money laundering, but is being accused of hypocrisy.

New criminal penalties on tax

become law later this year

It is expected to be included in May’s Queen’s Speech. Plans of the introduction to a new offence were announced in February last year.

Cameron tax fund 2

Cameron on proposed legislation

Cameron said: “This government has done more than any other to take action against corruption in all its forms, but we will go further. That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable.”

Panama tax scandal UK

Pressure on other leading politicians

Jeremy Corbyn put pressure on other cabinet ministers and MPs to also disclose their tax affairs on Sunday, following Cameron’s published data on his tax and earnings report.

Cameron tax havens

£200,000 gift from his mother

His mother transferred two separate payments of £100,000 to his accounts in 2011, allowing the family estate to avoid a potential £80,000 worth of inheritance tax, raising some questions.

Cameron tax havens

Labour’s questions to Cameron

Jeremy Corbyn has said the questions for Cameron were whether he benefited from his father's offshore trustbefore 2010, and why the money was placed in an overseas tax haven in the first place.

-> Blairmore Holdings

Cameron tax havens

9/Apr/2016

David Cameron is being accused of 'hypocrisy' after admitting profiting from his father's offshore fund, among those leaked in the 'Panama Papers' tax haven scandal.

New criminal penalties on tax

Plans of the new tax offence

They were announced by the then-chief secretary to the Treasury, Danny Alexander.

Jeremy Corbyn

powered by

Panama tax scandal UK

Other cabinet ministers and MPs

George Osborne is now considering whether to follow Cameron’s lead and publish his tax returns after pressure from the government. He could release some information within days.

Panama tax scandal UK

Cameron’s tax and earnings report

He published data on his 2009-15 tax and earnings report on Saturday, which included a £200,000 gift from his mother.

Cameron tax havens

Questions on £200,000 gift from Cameron’s mother

Corbyn says there is possibly a case for looking at inheritance tax rules. According to some experts, it’s not unusual for people to use this means to legally avoid inheritance tax.

->Blairmore Holdings

Cameron tax havens

-> Profit admission

Cameron tax havens

Labour ‘hypocrisy’ claims

The Labour Party has accused Cameron of “hypocrisy” as he “wasn’t entirely straight with the British people” when he was initially questioned on his father’s fund involved in Panama Papers.

Panama Papers Scandal (Haley)

David Cameron

powered by…

Danny Alexander

powered by…

George Osborne

powered by

Panama tax scandal UK

Pressure on Osborne from the government

Today Cameron’s spokewoman said:“The prime minister has made it clear that he was willing to be transparent. That is right for potential prime ministers also. With regard to those in charge of the nation’s finances, the prime minister takes that the view that chancellors and shadow chancellors should show transparency.”

Cameron tax havens

-> £200,000 gift from his mother

Blairmore Holdings

Blairmore Holdings Inc, an investment fund, was established by David Cameron’s father, Ian Cameron, in the 1980s and is the fund at the centre of the Panama Papers.

Cameron tax havens

Profit admission

Cameron has said he and his wife owned shares in his father's tax haven fund, which he sold for £31,500 in 2010, but says the money was subjected to UK tax rules.

Cameron tax havens

Labour Party has accused

The Labour’s deputy leader Tom Watson said Cameron could not be blamed for his father's actions but added: “He can (be blamed) for hypocrisy. He said that he wasn’t entirely straight with the British people about what his own financial arrangements were.

The Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had “covered up and misled”.

Cameron tax havens

Speech timeline

Asked on Monday whether Cameron’s spokeswoman could confirm that no family money was still invested in the fund, she replied:“That is a private matter”<br>

On Tuesday in an interview, Cameron said:“ I have no shares, no offshore trusts, no offshore funds, nothing like that. And, so that, I think, is a very clear description”<br>

Later on Tuesday, Downing Street issued a statement:“To be clear, the prime minister, his wife and their children do not benefit from any offshore funds. The prime minister owns no shares. As has been previously reported, Mrs Cameron owns a small number of shares connected to her father’s land, which she declares on her tax return”<br>

On Wednesday, No 10 released a statement:“There are no offshore funds/trusts which the prime minister, Mrs Cameron or their children will benefit from in future”<br>

On Thursday, Cameron told ITV News:“We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010”

investment fund

powered by…

Ian Cameron (1932–2010)

David Cameron’s father, stockbroker and director at Panmure Gordon. He subsequently created Blairmore Holdings Inc. His personal fortune was estimated at £10m in 2009.

Blairmore in the Panama Papers

The director, Ian Cameron, as a client of Mossack Fonseca, has been accused of avoiding tax payment in the UK on its profits.

Cameron on profit

Cameron said: “We owned 5,000 units in Blairmore Investment Trust. I sold them all in 2010, because if I was going to become Prime Minister I didn’t want anyone to say you have other agendas, vested interests”

-> Blairmore Holdings

->Centre of the Panama Papers

-> Speech Timeline

-> Blairmore Holdings

-> Details leaked in Panama Papers (Haley)

-> Mossack Fonseca (Haley)

Blairmore and tax payment

Blairmore Holdings used to utilise bearer shares, which some people use in order to evade tax and still hasn’t paid tax to the UK.

Blairmore and bearer shares

Blairmore Holdings used bearer shares until 2006, but there is no suggestion that Blairmore was using them for any illegal purpose.

Bearer shares as a mean to evade tax

Though legal, bearer shares have been abolished in many countries because they have been used by mobsters and tax evaders for money laundering.

Bearer Shares

These do not carry the name of the owner and they simply belong to the person holding the certificate in their hand.

-> Barer Shares

Bearer Shares in the UK

In 2015 David Cameron’s government banned bearer shares in the UK as it lessens transparencies.

{"cards":[{"_id":"570b65fde52a74264dbc3632","treeId":"570b65fde52a74264dbc3631","seq":6727316,"position":1,"parentId":null,"content":"`David Cameron is due to defend himself` and `unveil new criminal penalties` in Parliament in the wake of `damaging revelations from the Panama Papers tax scandal`. "},{"_id":"66721ff34feb5315ba000048","treeId":"570b65fde52a74264dbc3631","seq":6728191,"position":2,"parentId":"570b65fde52a74264dbc3632","content":"#### Cameron tax havens\n# Cameron defending on tax scandal\nCameron will answer `criticisms` by `insisting that he has never profited from tax evasion`, and will say that `his government has done a lot to tackle corruption`. \n"},{"_id":"667221f14feb5315ba000049","treeId":"570b65fde52a74264dbc3631","seq":6728077,"position":1.5,"parentId":"66721ff34feb5315ba000048","content":"#### Cameron tax havens\n# Criticisms against Cameron\n`Labour is still demanding answers over Cameron's tax affairs` after he published data on his 2009-15 tax and earnings including `a £200,000 gift from his mother`."},{"_id":"66730c6d30bcae53af000038","treeId":"570b65fde52a74264dbc3631","seq":6728083,"position":2,"parentId":"667221f14feb5315ba000049","content":"#### Cameron tax havens\n# £200,000 gift from his mother\nHis mother transferred two separate payments of £100,000 to his accounts in 2011, allowing the family estate to avoid a potential £80,000 worth of inheritance tax, `raising some questions`. \n\n"},{"_id":"6673817230bcae53af000046","treeId":"570b65fde52a74264dbc3631","seq":6728104,"position":1,"parentId":"66730c6d30bcae53af000038","content":"#### Cameron tax havens\n# Questions on £200,000 gift from Cameron's mother\nCorbyn says there is possibly a case for looking at inheritance tax rules. According to some experts, it's not unusual for people to use this means to legally avoid inheritance tax. "},{"_id":"667316a530bcae53af000039","treeId":"570b65fde52a74264dbc3631","seq":6728109,"position":3,"parentId":"667221f14feb5315ba000049","content":"#### Cameron tax havens\n# Labour's questions to Cameron\nJeremy Corbyn has said the questions for Cameron were whether he benefited from `his father's offshore trust` `before 2010`, and why the money was placed in an overseas tax haven in the first place."},{"_id":"66731de830bcae53af00003a","treeId":"570b65fde52a74264dbc3631","seq":6727638,"position":1,"parentId":"667316a530bcae53af000039","content":"# ->Blairmore Holdings"},{"_id":"570b65fde52a74264dbc363d","treeId":"570b65fde52a74264dbc3631","seq":6727657,"position":1,"parentId":"66731de830bcae53af00003a","content":"# Blairmore Holdings\nBlairmore Holdings Inc, an `investment fund`, was established by David Cameron's father, `Ian Cameron`, in the 1980s and is the fund at the `centre of the Panama Papers`. "},{"_id":"570b65fde52a74264dbc363e","treeId":"570b65fde52a74264dbc3631","seq":6726442,"position":1,"parentId":"570b65fde52a74264dbc363d","content":""},{"_id":"570b65fde52a74264dbc363f","treeId":"570b65fde52a74264dbc3631","seq":6726443,"position":2,"parentId":"570b65fde52a74264dbc363d","content":"# investment fund\n\npowered by..."},{"_id":"570b65fde52a74264dbc3640","treeId":"570b65fde52a74264dbc3631","seq":6726444,"position":3,"parentId":"570b65fde52a74264dbc363d","content":"# Ian Cameron (1932–2010)\nDavid Cameron's father, stockbroker and director at Panmure Gordon. He subsequently created `Blairmore Holdings Inc`. His personal fortune was estimated at £10m in 2009."},{"_id":"570b65fde52a74264dbc3641","treeId":"570b65fde52a74264dbc3631","seq":6726445,"position":1,"parentId":"570b65fde52a74264dbc3640","content":"# -> Blairmore Holdings"},{"_id":"570b65fde52a74264dbc3642","treeId":"570b65fde52a74264dbc3631","seq":6728165,"position":4,"parentId":"570b65fde52a74264dbc363d","content":"# Blairmore in the Panama Papers\nThe director, Ian Cameron, as a `client of Mossack Fonseca`, has been accused of `avoiding tax payment` in the UK on its profits.\n"},{"_id":"570b65fde52a74264dbc3643","treeId":"570b65fde52a74264dbc3631","seq":6726447,"position":1,"parentId":"570b65fde52a74264dbc3642","content":"\n# -> Details leaked in Panama Papers (Haley)\n-> Mossack Fonseca (Haley)"},{"_id":"570b65fde52a74264dbc3644","treeId":"570b65fde52a74264dbc3631","seq":6728164,"position":2,"parentId":"570b65fde52a74264dbc3642","content":"# Blairmore and tax payment\n\nBlairmore Holdings used to `utilise bearer shares`, which `some people use in order to evade tax` and still hasn't paid tax to the UK. "},{"_id":"570b65fde52a74264dbc3645","treeId":"570b65fde52a74264dbc3631","seq":6726449,"position":1,"parentId":"570b65fde52a74264dbc3644","content":"# Blairmore and bearer shares\nBlairmore Holdings used `bearer shares` until 2006, but there is no suggestion that Blairmore was using them for any illegal purpose. "},{"_id":"570b65fde52a74264dbc3646","treeId":"570b65fde52a74264dbc3631","seq":6726450,"position":1,"parentId":"570b65fde52a74264dbc3645","content":"# Bearer Shares\nThese do not carry the name of the owner and they simply belong to the person holding the certificate in their hand. \n"},{"_id":"570b65fde52a74264dbc3647","treeId":"570b65fde52a74264dbc3631","seq":6726451,"position":1,"parentId":"570b65fde52a74264dbc3646","content":""},{"_id":"570b65fde52a74264dbc3648","treeId":"570b65fde52a74264dbc3631","seq":6728156,"position":2,"parentId":"570b65fde52a74264dbc3644","content":"# Bearer shares as a mean to evade tax\n\nThough legal, `bearer shares` have been `abolished` in many countries because they have been used by mobsters and tax evaders for money laundering. "},{"_id":"570b65fde52a74264dbc3649","treeId":"570b65fde52a74264dbc3631","seq":6726453,"position":1,"parentId":"570b65fde52a74264dbc3648","content":"# -> Barer Shares"},{"_id":"570b65fde52a74264dbc364a","treeId":"570b65fde52a74264dbc3631","seq":6726454,"position":2,"parentId":"570b65fde52a74264dbc3648","content":"# Bearer Shares in the UK \nIn 2015 David Cameron’s government banned bearer shares in the UK as it lessens transparencies. "},{"_id":"570b65fde52a74264dbc364b","treeId":"570b65fde52a74264dbc3631","seq":6726455,"position":3,"parentId":"570b65fde52a74264dbc3642","content":""},{"_id":"66731ee230bcae53af00003b","treeId":"570b65fde52a74264dbc3631","seq":6728103,"position":2,"parentId":"667316a530bcae53af000039","content":"#### Cameron tax havens\n# -> Profit admission"},{"_id":"570b65fde52a74264dbc3639","treeId":"570b65fde52a74264dbc3631","seq":6728176,"position":1,"parentId":"66731ee230bcae53af00003b","content":"#### Cameron tax havens\n# Profit admission\n`Cameron has said` he and his wife owned shares in `his father's tax haven fund`, which he sold for £31,500 in 2010, but says the money was subjected to UK tax rules. "},{"_id":"570b65fde52a74264dbc363a","treeId":"570b65fde52a74264dbc3631","seq":6728174,"position":1,"parentId":"570b65fde52a74264dbc3639","content":"# Cameron on profit\n\nCameron said: \"We owned 5,000 units in Blairmore Investment Trust. I sold them all in 2010, because if I was going to become Prime Minister I didn’t want anyone to say you have other agendas, vested interests\"\n"},{"_id":"570b65fde52a74264dbc363b","treeId":"570b65fde52a74264dbc3631","seq":6726439,"position":2,"parentId":"570b65fde52a74264dbc3639","content":"\n# -> Blairmore Holdings"},{"_id":"667326f030bcae53af00003c","treeId":"570b65fde52a74264dbc3631","seq":6727659,"position":2.5,"parentId":"667316a530bcae53af000039","content":""},{"_id":"667326fd30bcae53af00003d","treeId":"570b65fde52a74264dbc3631","seq":6727660,"position":2.75,"parentId":"667316a530bcae53af000039","content":""},{"_id":"6672900730bcae53af000031","treeId":"570b65fde52a74264dbc3631","seq":6728084,"position":3,"parentId":"66721ff34feb5315ba000048","content":"#### Cameron tax havens\n# Cameron on Blairmore profit\nHe will insist that his father's offshore fund, `Blairmore Holdings`, that profited Cameron £31,500, was not set up to avoid tax. "},{"_id":"6672a77030bcae53af000032","treeId":"570b65fde52a74264dbc3631","seq":6727642,"position":1,"parentId":"6672900730bcae53af000031","content":"# -> Blairmore Holdings"},{"_id":"6672d5c630bcae53af000033","treeId":"570b65fde52a74264dbc3631","seq":6728088,"position":5,"parentId":"66721ff34feb5315ba000048","content":"\n#### Cameron tax havens\n# Government on tackling corruption\nCameron had already been pushing for greater tax transparency his government is to set up a new task force to investigate allegations on tax-dodging and money laundering, but is `being accused of hypocrisy`. "},{"_id":"570b65fde52a74264dbc3633","treeId":"570b65fde52a74264dbc3631","seq":6728185,"position":2,"parentId":"6672d5c630bcae53af000033","content":"#### Cameron tax havens\n# 9/Apr/2016\n`David Cameron` is being `accused of 'hypocrisy'` after `admitting profiting` from `his father's offshore fund`, among those `leaked in the 'Panama Papers' tax haven scandal`."},{"_id":"570b65fde52a74264dbc3634","treeId":"570b65fde52a74264dbc3631","seq":6728101,"position":1,"parentId":"570b65fde52a74264dbc3633","content":"#### Cameron tax havens\n# Labour 'hypocrisy' claims\n\nThe `Labour Party has accused` Cameron of \"hypocrisy\" as he \"wasn't entirely straight with the British people\" `when he was initially questioned` on his father's fund involved in Panama Papers. \n\n\n"},{"_id":"570b65fde52a74264dbc3635","treeId":"570b65fde52a74264dbc3631","seq":6728178,"position":1,"parentId":"570b65fde52a74264dbc3634","content":"#### Cameron tax havens\n# Labour Party has accused\n\n- The Labour's deputy leader Tom Watson said Cameron could not be blamed for his `father's actions` but added: \"He can (be blamed) for hypocrisy. He said that he wasn't entirely straight with the British people about what his own financial arrangements were.\n\n- The Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had “`covered up and misled`”."},{"_id":"570b65fde52a74264dbc3636","treeId":"570b65fde52a74264dbc3631","seq":6726434,"position":1,"parentId":"570b65fde52a74264dbc3635","content":"\n# ->Centre of the Panama Papers"},{"_id":"570b65fde52a74264dbc3637","treeId":"570b65fde52a74264dbc3631","seq":6726435,"position":2,"parentId":"570b65fde52a74264dbc3635","content":"# -> Speech Timeline"},{"_id":"570b65fde52a74264dbc3638","treeId":"570b65fde52a74264dbc3631","seq":6728181,"position":2,"parentId":"570b65fde52a74264dbc3634","content":"#### Cameron tax havens\n# Speech timeline\n\n- Asked on Monday whether Cameron's spokeswoman could confirm that no family money was still invested in the fund, she replied: \n**\"That is a private matter\"**\n<br>\n- On Tuesday in an interview, Cameron said: \n**\" I have no shares, no offshore trusts, no offshore funds, nothing like that. And, so that, I think, is a very clear description\"**\n<br>\n- Later on Tuesday, Downing Street issued a statement: \n**\"To be clear, the prime minister, his wife and their children do not benefit from any offshore funds. The prime minister owns no shares. As has been previously reported, Mrs Cameron owns a small number of shares connected to her father's land, which she declares on her tax return\"**\n<br>\n- On Wednesday, No 10 released a statement: \n**\"There are no offshore funds/trusts which the prime minister, Mrs Cameron or their children will benefit from in future\"**\n<br>\n- On Thursday, Cameron told ITV News: \n**\"We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010\"\n**"},{"_id":"570b65fde52a74264dbc364c","treeId":"570b65fde52a74264dbc3631","seq":6726456,"position":4,"parentId":"570b65fde52a74264dbc3633","content":"\n# Panama Papers Scandal (Haley)"},{"_id":"570b65fde52a74264dbc364d","treeId":"570b65fde52a74264dbc3631","seq":6726457,"position":5,"parentId":"570b65fde52a74264dbc3633","content":"# David Cameron\n\npowered by..."},{"_id":"667224264feb5315ba00004a","treeId":"570b65fde52a74264dbc3631","seq":6728121,"position":3,"parentId":"570b65fde52a74264dbc3632","content":"#### New criminal penalties on tax\n# New criminal penalties unveiled\nThe proposed legislation, expected to `become law later this year`, hold companies criminally liable if they fail to stop their employees or contractors from facilitating tax evasion. \n\n- `Cameron on the legislation`"},{"_id":"6672db1830bcae53af000035","treeId":"570b65fde52a74264dbc3631","seq":6728120,"position":1,"parentId":"667224264feb5315ba00004a","content":"#### New criminal penalties on tax\n# become law later this year\nIt is expected to be included in May's Queen's Speech. `Plans of the introduction to a new offence were announced` in February last year."},{"_id":"667329ec30bcae53af00003e","treeId":"570b65fde52a74264dbc3631","seq":6728119,"position":1,"parentId":"6672db1830bcae53af000035","content":"#### New criminal penalties on tax\n# Plans of the new tax offence\nThey were announced by the then-chief secretary to the Treasury, `Danny Alexander`. "},{"_id":"66736dd630bcae53af000043","treeId":"570b65fde52a74264dbc3631","seq":6727921,"position":1,"parentId":"667329ec30bcae53af00003e","content":"# Danny Alexander\npowered by..."},{"_id":"6672d68930bcae53af000034","treeId":"570b65fde52a74264dbc3631","seq":6728006,"position":2,"parentId":"667224264feb5315ba00004a","content":"#### Cameron tax fund 2\n# Cameron on proposed legislation\nCameron said: \"This government has done more than any other to take action against corruption in all its forms, but we will go further. That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable.\""},{"_id":"667267c730bcae53af000030","treeId":"570b65fde52a74264dbc3631","seq":6728136,"position":4,"parentId":"570b65fde52a74264dbc3632","content":"#### Panama tax scandal UK\n# Panama Papers UK repercussions\n`The Panama Papers tax scandal` has brought about pressures not only on Cameron but also on `other leading UK politicians` to make their tax affairs more transparent. "},{"_id":"667224f64feb5315ba00004b","treeId":"570b65fde52a74264dbc3631","seq":6728137,"position":1,"parentId":"667267c730bcae53af000030","content":"#### Panama tax scandal UK\n# Pressure on other leading politicians\n`Jeremy Corbyn` put pressure on `other cabinet ministers and MPs to also disclose their tax affairs` on Sunday, following Cameron's published data on `his tax and earnings report`. "},{"_id":"6673450030bcae53af00003f","treeId":"570b65fde52a74264dbc3631","seq":6727793,"position":1,"parentId":"667224f64feb5315ba00004b","content":"# Jeremy Corbyn\npowered by"},{"_id":"66734a7f30bcae53af000040","treeId":"570b65fde52a74264dbc3631","seq":6728139,"position":2,"parentId":"667224f64feb5315ba00004b","content":"#### Panama tax scandal UK\n# Other cabinet ministers and MPs\n`George Osborne` is now considering whether to follow `Cameron’s lead and publish his tax returns` after pressure from the government. He could release some information within days."},{"_id":"667352f730bcae53af000042","treeId":"570b65fde52a74264dbc3631","seq":6727841,"position":0.5,"parentId":"66734a7f30bcae53af000040","content":"# George Osborne\npowered by"},{"_id":"66734e8030bcae53af000041","treeId":"570b65fde52a74264dbc3631","seq":6728142,"position":1,"parentId":"66734a7f30bcae53af000040","content":"#### Panama tax scandal UK\n# Pressure on Osborne from the government\nToday Cameron’s spokewoman said:\n\"The prime minister has made it clear that he was willing to be transparent. That is right for potential prime ministers also. With regard to those in charge of the nation’s finances, the prime minister takes that the view that chancellors and shadow chancellors should show transparency.\""},{"_id":"6673719b30bcae53af000044","treeId":"570b65fde52a74264dbc3631","seq":6728141,"position":3,"parentId":"667224f64feb5315ba00004b","content":"####Panama tax scandal UK\n# Cameron's tax and earnings report\nHe published data on his 2009-15 tax and earnings report on Saturday, which included `a £200,000 gift from his mother`. "},{"_id":"667376f730bcae53af000045","treeId":"570b65fde52a74264dbc3631","seq":6728099,"position":1,"parentId":"6673719b30bcae53af000044","content":"#### Cameron tax havens\n# -> £200,000 gift from his mother"}],"tree":{"_id":"570b65fde52a74264dbc3631","name":"Cameron Panama 2 11/Apr/2016","publicUrl":"cameron-panama-2-11-apr-2016"}}